All The Fintech - Banking in the age of Amazon

In 1997, Amazon’s vision was: “to be the leading online retailer of information-based products and services, with an initial focus on books.” This soon expanded to “be earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.” Today, Amazon’s vision is simply: “We seek to be Earth’s most customer-centric company”. In a day and age where financial products are increasingly moving away from physical branches to new digital experiences, it’s not a stretch to believe Amazon could quickly make moves into financial services. For many years, banks have been trumpeting the horn that large tech companies are starting to encroach into the financial space and it looks like we’re starting to see the first few big steps.

Amazon is reportedly looking for a banking partner to launch some sort of checking account product, with the key word being “banking partner”, rather than say a banking charter or license. Over the past years, Amazon has entered the banking market through a series of partnerships, primarily focused around supporting Amazon’s core business. But what’s next for Amazon for financial services? Let’s take a look at what Amazon has done already and where it could go.

Small business lender Kabbage Inc., following companies that have divorced their businesses from gun lobbyists and assault-style weapons in the aftermath of the Parkland, Florida, school shooting, said it will not fund any company it classifies as selling firearms or ammunition to those under 21 or that sell or manufacture assault-style weapons.

Square has been quietly growing the user base for Cash and my hypothesis is that they’re targeting more rural populations vs Venmo’s push with millennials concentrated in urban areas. Has anyone seen any examples of active acquisition for Square Cash?